Drone Financing – How To Pay Over Time
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If you are planning to purchase a drone, you perhaps already know that the latest models come with high expenses. This is even more relevant if you need a commercial drone. Fortunately, there are many drone financing services nowadays that can help you split the cost over several months, so this purchase will not have a heavy impact on your monthly budget or cash flow. The next sections cover the main financing services and what they offer!
What Is a Drone Financing Service?
A drone financing service offers you the opportunity to purchase a drone without paying upfront the full price. This can help you with both your personal and business plans. For instance, if you decided to establish your start-up company and you could use a drone, it will help you access one without spending all of your cash straight away.
Alternatively, you perhaps want to start traveling or take your family on a well-deserved vacation. With a drone financing service, you can get the drone immediately without spending your hard-earned cash upfront. In most cases, you are not even required to pay a down payment.
1. Dynnex Drones
If you plan to purchase a DJI drone, Dynnex Drones is perhaps the first option you should consider. It is a licensed DJI retailer that can help you buy a drone now and make monthly payments. Even better, it only takes five minutes to find out if you qualify, and it is a soft check, which means that it will not affect your credit score.
The financing service behind Dynnex is Affirm, a company that boasts the highest approval rates in this industry. You do not require a down payment, and you can easily access the financing service online. You can find several plans for numerous DJI drones, including:
- DJI Phantom
- DJI Mavic Pro
- DJI Inspire
- DJI FPV drone
- DJI Mavic Air 2
- DJI Mini 2
You also have the opportunity to purchase a DJI refurbished drone. It comes with considerable savings and works just like a brand-new drone. It has the same manufacturing warranty, and only certified DJI technicians work on refurbished drones.
When it comes to costs, the easy monthly installments start at only $27 per month. This is based on a purchasing price of $299 and a 10% APR for one year. However, the rates may vary up to 30%, depending on your current credit score (i.e., the better the score, the lower the APR).
The repayment terms are either 12, 24, or 36 months, depending on your preferences. If you decide to make pre-payments, there are no penalties. Shipping for orders over $400 is also free of charge. Even better, Affirm does not charge you any hidden fees, service fees, late fees, or any other expenses, so you will only pay what you agree to upfront.
2. Very Drone
Another service backed by Affirm, Very Drone, is also DJI certified. Its major selling point is the fact that it also offers 0% APR financing to qualifying customers, but a down payment may be required. Shipping is free for orders over $499 in the 48 contiguous states.
As for the previous service, the repayment conditions depend on your circumstances, such as your credit score and payment history. If you want to apply for drone financing, Very Drone offers a no-paperwork application that will give you the decision within seconds, and it does not affect your credit score. Very Drone offers access to all types of DJI drones, both for personal and commercial purposes, such as:
- DJI Mini 2
- DJI Mavic series
- DJI Phantom
- DJI Inspire 2
- Business financing (for searching and rescuing, agriculture, inspection, and more).
Overall, Very Drone has a compelling offer, but you have to fill in the eligibility form to find out what APR and repayment terms are applicable. It offers a broad array of personal and commercial drones that can fulfill any need, and you can apply for business financing separately.
Advexure is a leading North American dealer for technology solutions and drone systems. Its offering is broad, covering numerous products for both individuals and businesses. Advexure also has a partnership with Affirm, which will offer you the loan to purchase your desired model. Depending on your credit score and history, Advexure may require a down payment.
One of the best offerings is the Paypal Credit service. Synchrony Bank offers this, and you do not pay any interest if you cover the entire sum within half a year. This applies only to purchases over $99. If you do not pay the whole sum within this period, PayPal Credit will charge your account with a variable purchase APR of 23.99% for new accounts and a minimum interest charge of $2.
For businesses, Advexure entered into a partnership with QuickSpark. This service is renowned for pairing businesses with the best terms and conditions, regardless of being a start-up or having a poor payment history.
Advexure has a plethora of products and drones for individuals, enterprises, and professional purposes, such as:
- Autel EVO II
- DJI Matrice series (200, 300, and 600)
- DJI P4 Multispectral
- Parrot ANAFI USA
- Parrot ANAFI Thermal
- DJI Inspire 2
- DJI Phantom 4
- DJI Mavic 2
- DJI Mini 2
- DJI Mavic
- Ryze Tello
- DJI RoboMaster
Advexure is indeed the leading dealer in North America, thanks to its flexibility and broad offering. Regardless of your needs, it may be the best option to help you finance your drone for individual or business purposes.
ExpoDrone is backed up by Klarna, a leading European alternative payment provider. Klarna has now expanded in 17 countries, offering opportunities for more than 85 million consumers. One of the best highlights of purchasing a “buy now, pay later” drone from ExpoDrone is that you have access to four installments.
In other words, you split your purchase into four different payments at no extra cost as it is interest-free. When choosing this option, Klarna will perform a soft credit check which will not impact your overall credit score.
If you follow the payment schedule, there are no other fees. The first payment is when the product is shipped; then, your card gets charged every two weeks. If one of the payments fails, Klarna will try again to collect the payment; if still unsuccessful, the amount will be added to the next payment, along with a late payment fee of $7.
ExpoDrone has a wide variety of drones manufactured by Autel Robotics, DJI, Yuneec, and Parrot. Also, it offers models suitable for consumer purposes, professionals, and even enterprises, with prices ranging from under $750 to more than $2,500.
Overall, ExpoDrone is a suitable choice if you want to avoid paying interest rates. As long as you make each payment on time and you can pay off the entire amount within 6 weeks, ExpoDrone is virtually a costless financing option as it does not add any hidden fees.
5. AeroV Financial
Finally, AeroV Financial is the ultimate solution for commercial drones. If you have a business, this service allows you to spread the equipment investment over a longer time so you can use your cash flow for other purposes. Fortunately, AeroV does not only provide funding for the drone itself, but also for all related accessories, such as sensors, software, controller, cameras, LiDAR, and everything else your business may need.
AeroV essentially offers two types of financial services: a capital lease or an operating lease. The capital lease is similar to a loan, but the cost does not show on your balance sheet during the lease term. Then, you can buy the equipment for a nominal price, either 10% of the purchase price or $1. The operating lease comes with cheaper monthly payments compared to the capital lease, and you have the chance to buy the drone at the end of the term at the fair market value.
The main benefits of financing your drone using AeroV Financial are that you do not tie up your capital, there is no down payment, and only the drone will act as collateral. However, these perks may differ according to your creditworthiness.
At the end of the lease, you have several options, such as purchasing the drone, continue the lease under new terms, update the drone, or return the drone. In other words, AeroV Financial allows you to rent the drone throughout this period, so it may be a great option if you have a high-growth business as you have the opportunity to upgrade your equipment when required.
All in all, there are numerous drone financing services nowadays. Regardless of your purposes or needs, you do not need anymore to spend large amounts of cash to fuel your hobby or start your business activity. These are the top services available in the US, so they are worth noticing if you want a flexible payment term with little to no extra costs, depending on the choice of service and your creditworthiness.